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BCB Bancorp(BCBP) - 2024 Q4 - Annual Results
BCBPBCB Bancorp(BCBP)2025-01-28 17:24

Financial Performance - Net income for Q4 2024 was 3.3million,downfrom3.3 million, down from 6.1 million in Q4 2023, with earnings per diluted share at 0.16comparedto0.16 compared to 0.35 in the prior year[2][13] - Net income for the fourth quarter of 2024 was 3.272million,adecreaseof50.93.272 million, a decrease of 50.9% from 6.668 million in the previous quarter and a decrease of 46.0% from 6.062millioninthesamequarterof2023[40]−Netincomedecreasedby36.86.062 million in the same quarter of 2023[40] - Net income decreased by 36.8% to 18,623,000 from 29,483,000year−over−year[41]−Netincomeavailabletocommonstockholdersfellby41.729,483,000 year-over-year[41] - Net income available to common stockholders fell by 41.7% to 16,791,000 from 28,781,000year−over−year[41]−Basicnetincomepercommonshareforthefourthquarterof2024was28,781,000 year-over-year[41] - Basic net income per common share for the fourth quarter of 2024 was 0.16, a decrease of 54.9% from 0.36inthepreviousquarterandadecreaseof52.90.36 in the previous quarter and a decrease of 52.9% from 0.35 in the same quarter of 2023[40] Loan and Credit Quality - The provision for credit losses was 4.2millioninQ42024,upfrom4.2 million in Q4 2024, up from 1.9 million in Q4 2023, reflecting increased credit quality concerns[5][18] - The provision for credit losses increased by 43.7% to 4.154millioninthefourthquarterof2024comparedto4.154 million in the fourth quarter of 2024 compared to 2.890 million in the previous quarter, and increased by 115.6% from 1.927millioninthesamequarterof2023[40]−TheBankhadnon−accrualloanstotaling1.927 million in the same quarter of 2023[40] - The Bank had non-accrual loans totaling 44.7 million, or 1.48% of gross loans, at December 31, 2024, compared to 18.8million,or0.5718.8 million, or 0.57% of gross loans, at December 31, 2023[32] - The allowance for credit losses on loans was 34.8 million, or 1.15% of gross loans, at December 31, 2024, compared to 33.6million,or1.0133.6 million, or 1.01% of gross loans, at December 31, 2023[32] - Total loans receivable decreased by 283.4 million, or 8.6%, to 2.996billionatDecember31,2024,primarilyduetoloansalesandpayoffsexceedingoriginations[6][8]IncomeandExpenses−Netinterestincomedecreasedby2.996 billion at December 31, 2024, primarily due to loan sales and payoffs exceeding originations[6][8] Income and Expenses - Net interest income decreased by 1.7 million, or 7.2%, to 22.2millionforQ42024,drivenbylowerinterestincome[14][15]−Non−interestincomefellto22.2 million for Q4 2024, driven by lower interest income[14][15] - Non-interest income fell to 938 thousand in Q4 2024, down from 3.2millioninQ42023,largelyduetolossesonequityinvestments[19]−Totalnon−interestexpenseforthefourthquarterof2024was3.2 million in Q4 2023, largely due to losses on equity investments[19] - Total non-interest expense for the fourth quarter of 2024 was 14.367 million, an increase of 3.1% from 13.929millioninthepreviousquarter,butadecreaseof13.313.929 million in the previous quarter, but a decrease of 13.3% from 16.568 million in the same quarter of 2023[40] - Non-interest income for the fourth quarter of 2024 was 938thousand,adecreaseof70.0938 thousand, a decrease of 70.0% from 3.127 million in the previous quarter and a decrease of 70.9% from 3.228millioninthesamequarterof2023[40]AssetsandDeposits−Totaldepositsincreasedto3.228 million in the same quarter of 2023[40] Assets and Deposits - Total deposits increased to 2.751 billion at December 31, 2024, from 2.725billionatSeptember30,2024,butdecreasedby2.725 billion at September 30, 2024, but decreased by 228.2 million, or 7.7%, from 2.979billionatDecember31,2023[5][10]−Totaldepositsincreasedby1.02.979 billion at December 31, 2023[5][10] - Total deposits increased by 1.0% to 2,750,858,000 compared to 2,724,580,000inthepreviousquarter[42]−Totalassetsdecreasedto2,724,580,000 in the previous quarter[42] - Total assets decreased to 3,599,118 thousand in Q4 2024 from 3,613,770thousandinQ32024,adeclineof0.43,613,770 thousand in Q3 2024, a decline of 0.4%[47] - The company reported total assets of 3,626,651 thousand for Q4 2024, down from 3,853,457thousandinQ42023[43]EfficiencyandRatios−TheefficiencyratioforQ42024was62.13,853,457 thousand in Q4 2023[43] Efficiency and Ratios - The efficiency ratio for Q4 2024 was 62.1%, compared to 53.2% in the prior quarter, indicating increased operational costs relative to income[5] - The annualized return on average assets ratio for Q4 2024 was 0.36%, down from 0.63% in Q4 2023, indicating reduced profitability[5] - Return on average assets decreased to 0.36% in Q4 2024 from 0.72% in Q3 2024[50] - Efficiency ratio increased to 62.11% in Q4 2024 from 53.22% in Q3 2024, indicating a decrease in operational efficiency[50] Investment and Equity - Stockholders' equity increased by 9.9 million, or 3.1%, to 323.9millionatDecember31,2024,primarilyduetoretainedearningsgrowth[12]−Thecompany’sstockholders′equityincreasedto323.9 million at December 31, 2024, primarily due to retained earnings growth[12] - The company’s stockholders' equity increased to 320,124 thousand in 2024 from 299,618thousandin2023[45]−Totalinvestmentsecuritiesroseby299,618 thousand in 2023[45] - Total investment securities rose by 14.3 million, or 14.8%, to $111.2 million at December 31, 2024, as excess liquidity was allocated to the securities portfolio[9]